Many investors looking to maximize their savings consider crossing state lines when planning for retirement. In order to help advisors better inform clients thinking about a move, Bankrate.com has ranked the best and worst cities for retirement based on qualities important to most retirees.
Their ranking system takes into account cost of living, the cost and quality of health care provided to seniors, the percentage of income taxable by state and local governments, weather, crime, culture, “walkability” and the overall well-being of a city’s residents.
BankRate.com created the ranking by aggregating data from various public and private organizations, including a cost-of-living index from the Council for Community and Economic Research, statistics on the cost of health care for senior citizens from Health View Services, and information from the Tax Foundation. The site then calculated and added standardized deviations from each of the categories under consideration for each city.
Click through to see the 10 best and 10 worst cities for retirement.
Sources: The Council for Community and Economic Research, Health View Services, The Agency for Health Care Research and Quality, The Tax Foundation, National Oceanographic and Atmospheric Administration, the FBI, Creative Vitality Index, Walkscore.com, Gallup-Healthways